Destination Innovation - Why companies should push themselves over the technology tipping point to succeed
The need to change has always been with us …
“There is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies, all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.” Machiavelli, 1513.
- ‘Ask Jeeves’ failed to respond to Google’s PageRank algorithm
- Toys R Us stuck with their enormous, expensive retail space as Amazon grew
- And who can forget the time when Blockbuster dismissed Netflix when the streaming service offered itself for acquisition?
All those years ago, Machiavelli famously wrote about the difficulties of convincing people to adapt to new customs or procedures, and how people with an interest in the “status quo” often resist innovative ideas. However, research shows that companies can create disruption, beat the competition, and build significant success and value.
Business leaders have never had such a fantastic opportunity to adapt and transform – to understand their customers and to harness the power of technology to create new products and services. Not forgetting creating new and effective ways to engage and empower their staff.
It’s a fact. Covid-19 sped the adoption of digital technologies by several years. However, the road to digital innovation is very rarely a straight journey. Those lightbulb moments, when they happen, are priceless – often in the shower, or on a run, or maybe a brainstorming session about data analysis project results, resulting in a clear business opportunity.
Whatever the mechanism, innovation and change require the correct strategy, leadership, investment, and the guts for business risk.
Set a strategy for success
High performing and successful companies face change head-on; They fund innovation, transform strategy, and take risks. They have the confidence to act boldly and the strength and discipline to maintain an intense strategic focus.
Be prepared to invest – The largest changes are also the most likely to stick in the long term
Investing in innovation is crucial not just to business growth, but to survival. It’s important to remain at the forefront of innovation, boosting productivity and fuelling growth. However, only 21% of executives in a recent study conducted by McKinsey, feel confident that they are prepared to capture new growth opportunities.
The case for technology innovation
Companies cannot operate as they did in the past. Customers may struggle to pay your invoices. Channels may have radically shifted to accommodate new needs or work around new constraints. What you assumed to be stable operations for predictable growth years ago may no longer be valid.
The importance of technology innovation is being recognised by executives as a critical component of the business and not just a source of cost efficiencies. After all, most consumers moved dramatically towards online channels during the pandemic so companies in most industries had to respond in turn.
The need to work and interact with customers remotely, led to investments in data security and accelerated migration to the cloud. Results of the investments made have permanently removed massive bottlenecks and created a significant number of opportunities for organisations.
Changes brought about by technology innovation can be astoundingly successful and profitable for a company. But only if well prepared, thought through and executed. This is where HSO can help.
Start your innovation journey
Why not let HSO take you on a journey to help you realise business transformation and innovation through the idea of “frameworking”. We will paint a vision on how you will achieve better business outcomes through a set of business application solutions and processes. It’s the first part in an exciting four stage journey where we work closely together to imagine and define the potential future shape of your business. It doesn’t matter which ERP system or which version you are currently running.
Contact us to find out more and start your journey now.